First Abu Dhabi Bank (FAB) issued 5-year USD 750 mn senior unsecured notes, which will be listed in Taipei and London, as part of the lender’s USD 20 bn EUR medium-term note program, Zawya reports. The Reg S Secured Overnight Financing Rate (SOFR) FRN notes, which were set with a launch spread of SOFR plus 100 bps with final pricing yet to be decided, are scheduled for settlement on 22 January.

FAB is on an issuance roll: Last week, the lender’s subsidiary FAB Sukuk priced its USD 600 mn five-year sukuk amid strong demand with a profit rate of 5.2%. The sukuk — which was 2x oversubscribed, with initial pricing of T+100 bps — will list on the London Stock Exchange, with settlement set for 16 January.

FAB is not the first UAE bank to launch senior unsecured notes in Taipei this year: Emirates NBD also tapped debt markets for a USD 700 mn issuance last week to be listed on the Taipei Exchange. The lender set the final pricing guidance at the SOFR plus 110 bps, with denominations of USD 200k and increments of USD 1k beyond that.

ADVISORS- HSBC Bank Taiwan and Standard Chartered Bank Taiwan are acting as the managers of the issuance.

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